Property Division Laws in VA
Fairfax Divorce Attorneys Can Help Your Family
Virginia is an equitable distribution state, which means that after a divorce,
all marital assets are divided fairly. This includes property acquired
by either spouse during the marriage, property that is part separate,
or property whose title is held by both spouses.
Determining assets after a divorce can be complicated. Call Langone &
Fasullo, PLLC for a confidential consultation.
What are Examples of Marital Property?
Comprising a wide variety of assets, property that can be divided usually
includes high-value possessions, houses, and businesses.
Examples of property in a marriage include:
- Artwork and rare collectibles
- Bank accounts
- Business interests
- Cars and boats
- The marital residence and other real estate
How Does the Court Divide Property?
If you and your spouse are able to agree on a fair and reasonable property
division, the court will not have to intervene. If you cannot reach a
settlement, however, the court will be in charge of dividing your assets.
Before dividing property, the court will consider the following:
- Monetary and nonmonetary contributions to the marriage
- The length of the marriage
- The ages and physical or mental condition of both spouses
- The circumstances that led to the divorce
- How and when marital property was acquired
- The debts and liabilities of each spouse
- The tax consequences for each spouse
- The use of marital property by either party
The court sets fair market values for your property as well as dividing
your debts. If you have separate property, such as property acquired before
your marriage, or property that was inherited or gifted to you, you will
usually be able to keep it after your divorce.
If you would like to learn more about property division following a divorce, contact Langone & Fasullo, PLLC
at (703) 391-1161.